Yesterday’s hundred-point rally missed my target by a single point, which means that officially we did nothing. Unofficially, however, and as I took pains to detail in today’s commentary, I managed to talk shorts who front-ran the order into bailing out of what would have been a profitable position. Notwithstanding my discussion at the time of why the bull would be re-energized if buyers got past the target, the fact remains that they didn’t. That should tip our bias negative for the very short term, so if you had the cool to hold the short position, I’ll suggest using the creation of a bullish impulse leg on the 15-minute chart as a signal to stop yourself out. As of 11:15 p.m. EST, with the futures trading at 12108, that would take a print at 12126. By implication, if you’re looking to get long, a camouflage opportunity could conceivably become manifest at that time.
